Here are some basics expenses when you are buying a home

  • Downpayment
    The amount vary anywhere from 5% to 25% of the home purchase price.

  • Land Transfer Tax
    It varies based on the property's purchase price. Usually it is about .5% - 2%. First-time buyers of newly built homes qualify for $2,000(maximum) GST rebate

  • Appraisal Fee
    Your lender may require a property appraisal at your expense. Fee will vary  between $100 and $350.

  • Lawyer Fees
    You do required a lawyer to review the Agreement of Purchase and Sale, search the title of the property, review mortgage documents and check  the closing details. Lawyers fees vary depending on the deal.

  • Moving Costs 
    The moving cost will vary depending on the size of your home and the distance the moving company needs to travel.

  • Home Inspection
    It is a good idea to arrange for a home inspection before you buy. Fees range usually from about $150 to $350.

  • Homeowner's Insurance
    You will be required to provide insurance on your property on the day of the closing. The mortgage company requires the lawyer to have proof of this on closing day. The cost usually $400-$500 a year. 

Please don't hesitate contact us if you have any questions.


Home Ready to Own Agency Explained Buying Costs Land Transfer Tax Mortgage Calculator
Title Insurance Closing Housing Market 1st Time Buyers Choose Your Agent Search Toronto Listings